The Earrings are because of the concentration, Master Elite doesn't have it. You lose a lot of HP from it, but just having your name on it is great. The Sash is because of the HP bonus as opposed to the Master Elite Sash.

Step 1: The Earrings
I decided to start with the Earrings so I could get my name on it. My experiences were
128 Whites -> 64 Greens -> 32 Blues -> 4 Golds -> 2 Orange

Opinions: God damn, my Blue->Gold rate sucked. At least the oranges were lucky.
There is a shugo that you need to find for the designs. He was a pain to find. He should spawn more frequently seeing how this is the only Master Carved that is desirable anymore outside of skins.

Step 2: The Belt
The belt looked easy, so I decided to go for it.
1 Try -> 1 proc

Opinions: I have heard that gold -> orange balic is high probability proc. I don't know if it is true or not, but god, the one attempt was so expensive. Balic Neutralizers need to be cheaper.

Step 3: The Rings
I was scared of the necklace, so I went for the rings.
128 Whites -> 68 Greens -> 34 Blues -> 10 Golds -> 3 Oranges

Opinions: Well, I was really happy to get 8 gold procs out of the blues. After the earrings I was only expecting 2.

Opinions: Damn, this was scary. The Orange proc was the very last attempt.

Overall Opinions: Crafting is far too scary. The proc rate is fine at 25%, but I had too many heart attacks doing this.
I believe crafting could be better if the following was implemented:
1. The guarantee proc recipes should be for the last 2 recipes instead of the first 2. There is far too much risk at the last levels, making it too dramatic, risking like 100m per craft. If it was at the start instead, if you fail to proc it's only like 2m risked.
2. Balic neutralizers and other mats need to be much much cheaper. Or, the craft needs to be guaranteed.
3. There needs to be a fast way to get mats. For the necklace, I had to open up close to 4000 items, then craft 400 sets of malevite ingots, then 200 sets of malevite ornaments. This took nearly all day. There should be an open all button.

None of these suggestions will be implemented. But it can't hurt to dream. All I know is I'm not touching crafting again...

On a related note, how much gain have you experienced for your pain? How is the concentration working out for you? If you didn't have the necklace, how much would you pay to buy it instead of crafting it?

i have never craft but idk why u need to craft, pots scrolls and such can be bought from any player. i think i would only touch craft to get kinah and some good gear if i dont have any. but gear can be still easy to get. so yeah, my opinion